QCR Holdings (QCRH) in Moline, Ill., has agreed to sell two branches to Clear Lake Bank & Trust in Iowa.
Clear Lake will buy the branches located in Mason City, Iowa along with $62 million in deposits and $26 million in loans. QCR, which has $2.1 billion in assets, did not disclose the price. The deal is expected to close in the fourth quarter.
Clear Lake has $273 million in assets.
The banks have maintained a correspondent banking relationship for years, Douglas Hultquist, QCR's president and chief executive, said in a press release Tuesday. "It was this existing relationship that led to a mutually beneficial agreement."